California’s Wealth Tax Is Driving Billionaires—and Jobs—Out the Door, Warns Esposito
[embed]https://youtu.be/yP_IpVdxXeE[/embed] Anthony Esposito, founder and CEO of Ascalon VI Capital, delivered a blunt warning about California’s proposed wealth tax, arguing it would accelerate an already historic exodus of money, talent, and jobs from the state. Appearing alongside Unleash Prosperity’s Tim Duescher, Esposito said there are no real financial incentives left for high-net-worth individuals to remain, especially as policymakers consider taxing both tangible and intangible assets. “You’re destroying people on valuation and liquidity,” he said, predicting wealthy residents will simply leave because they don’t need to stay. Esposito emphasized that California’s situation is especially alarming given its scale. Despite being the fifth-largest economy in the world, the state still struggles to balance its budget. He pointed out that fewer than 1% of Californians already pay roughly 40% of the state’s personal income taxes, warning that further pressure on this group will hollow out the tax base. As quality of life declines—with homelessness, high housing costs, and fiscal mismanagement rising—Esposito argued the math no longer works for investors or entrepreneurs. The interview also highlighted the broader economic ripple effects. As high earners and business owners relocate to states like Texas and Florida, they take companies, startups, and middle-class jobs with them. Esposito and Duescher both stressed that this isn’t about sympathy for billionaires—it’s about lost opportunity for everyday workers and shrinking resources for public services once the producers leave. Esposito closed by weighing in on President Trump’s criticism of Federal Reserve Chair Jerome Powell, framing Trump’s threat of a lawsuit as a symbolic final rebuke. He accused Powell of mismanaging monetary policy and politicizing the Fed, suggesting Powell’s exit would bring relief as fiscal and monetary policy realign. According to Esposito, the message is clear—bad policy eventually forces accountability, whether in Sacramento or Washington.
